Being an estate agent is a dynamic career that can be highly satisfying and rewarding. Much like the name suggests, these agents deal with estates — also known as immovable property.
If you are considering taking this step in your career, it’s definitely worth knowing the answer to the question of what does a real estate agent do. Right off the bat, we can say that there’s no typical day in the life of an estate agent in the UK as the work is highly varied.
However, there are some common responsibilities that estate agents are responsible for and that’s what we’ll cover in this post. Keep reading to learn more.
What do estate agents do?
Estate agents are property professionals. They deal with property sales and property lettings. In most cases, when it comes to selling property, they represent the seller.
However, they are also responsible for assisting the buyer and ensuring a good match of buyer to seller in terms of both property and price. When it comes to property lettings, the real estate agent will arrange viewings and try to find the right tenant for the landlord that they’re representing.
This may mean several viewings until the right tenant is found. Ultimately, this information answers the question of what are the responsibilities of an estate agent.
What do estate agents do to sell a house?
Having covered both permanent sales and temporary lettings, let’s turn to what an estate agent does to sell a house. As mentioned earlier, these professionals usually work on behalf of the seller in most cases. Here’s what they do to help sell their house:
- Property valuation: As a starting point, the estate agent needs to give the seller an accurate valuation of their property so that they settle on the right asking price. Selling for a price that’s too high could mean a long time for the property to be on the market or little to no interest in it. On the other hand, selling for too low a price could mean the seller gets less value for their property. An estate agent will look at aspects such as the market and market conditions, the value of similar properties and consult market data from sources such as the Land Registry.
- Offer the seller help and advice: During the property valuation process, many sellers work with several agents at the same time to get the best value for their property. They also use the opportunity to suss out the agent and their skills and knowledge. However, once the seller has settled on an agent, they can expect to receive solid help and advice in terms of guiding the seller through the legal steps and answer any questions. Other suggestions they can offer are mentioning the best things to do to prepare the home for a sale.
- Marketing of the property: This is a major part of an estate agent’s duties. As part of their marketing plan, they need to present to potential buyers professional photos that will entice them to book a viewing for the property, floor plans, selecting advertising space (both digital and traditional), writing attractive and effective property descriptions, marketing to registered buyers in a local area, etc.
- Vetting potential buyers: Another important function of an estate agent is to mitigate against financial risks involved in property transactions by checking if a buyer is serious. This involves performing basic checks on potential buyers, complying with anti-money laundering regulations, checking financial viability by looking at the source and availability of funds and others.
- Manage viewings: Most prospective buyers will want to see what is being sold first before making an offer. For this reason, estate agents must be available to provide a tour of the property, emphasise its most attractive features and mention perks of the local area. It’s essential to have trust in your estate agent to ensure that the property remains secure during viewings.
- Negotiating the sales price: With a clear property valuation and sales price, many sellers expect to receive their asking price right away. However, some buyers may put in an offer that is a bit lower than the asking price and this is where an estate agent will act as a go-between, helping the seller get the most out of the offer given current market conditions.
- Manage the administrative aspects related to the sale: Even if an offer is accepted, the estate agent’s job isn’t over yet. They will communicate with conveyancers and monitor the process, for example, by providing certain legal documents such as an Energy Performance Certificate and others. They also engage in the collection of fees from the seller.
- Monitoring the process: Estate agents also monitor the whole process through to completion and beyond. This means that if the buyer ever sells again, they will reach out to them, ensuring a continued stream of work for the estate agent.
Is being an estate agent a stressful job?
Based on the abovementioned responsibilities, an estate agent’s schedule is usually quite full. As such, the job can be demanding. However, it does come with a certain “buzz” and it is this exact excitement and ability to match buyers with their dream home that attracts many people to the profession, which can be highly rewarding. In addition to this, the commission earned from a property sale can be highly enticing.
What qualifications do estate agents need?
Ultimately, you do not require special qualifications to become an estate agent. However, there are certain educational courses and practical hands-on experience that you can acquire if you’d like to join the profession. Your options include but are not limited to the following:
- A university course: Examples of some of the subjects you could cover to help you in your job include surveying, business studies, estate management, property development or management and urban land studies. With these subjects, you could work towards a foundation degree or higher national diploma or a full degree.
- An apprenticeship: For an apprenticeship, you may need some GSCEs that include maths and English, whether for an intermediate or advanced internship. Often, these can take between a year and a year and a half to complete.
- Working towards the role: It would be advantageous for you to have local knowledge of the area where you’ll be working. You can also start as an administrator and work your way up through training and promotion. Alternatively, you can work as a trainee sales negotiator or letting agent assistant and acquire the right knowledge on the job.
What skills do you need to be an estate agent?
In many cases, it’s possible to become an estate agent with no experience. However, certain skills can come in extremely handy and be useful for your job. Examples of these skills include:
- Customer service
- Sales and advertising
- Independence
- Thorough and attentive to detail
- Persuasion and negotiation
- Persistence and determination
- Work well under pressure
- Excellent verbal communication
- Computer literate
- People skills
- Driver’s licence (optional)
How many hours a week do estate agents work?
While estate agents typically work a standard work week in terms of hours, you should be aware that it may involve some time outside normal working hours. As such, when it comes to the question: “Do estate agents work on weekends?”, the answer is that it is a common occurrence that they do.
What estate agents are NOT responsible for
Having covered what do real estate agents do, it’s also important to consider what they are not responsible for in the buying/selling process of immovable property. For example, estate agents do not provide conveyancers or brokers or represent the buyer. Their primary responsibilities will be to the seller and they must negotiate the right price for the property’s sale to seal the deal.
Conclusion
And there you have it — a well-rounded explanation and answer to the question: what does an estate agent do? As a dynamic job, you’ll never have two days that are exactly the same. Just like you’ll never have the same buyers or sellers.
This is where your interpersonal skills will come in handy, as you will be dealing with many different people and assisting them in the property buying and/or letting process. If you’re interested in becoming an estate agent, the Belvoir Franchise Group invites you to explore our opportunities.
From extensive training to attractive commissions and affordable start-up costs, you have just discovered the ultimate route to business ownership with exceptional support.
If you enjoyed reading this article, you might also like: How to Implement AI in Your Real Estate Agency Franchise , What is the Business Owner’s Trap and How to Avoid it as a Property Franchisee? and Estate vs letting agency franchise: What is the difference and which one is right for you?
